Bowen Acquisition Corp Reports $2.96 Million Net Income, Plans Merger with Shenzhen Qianzhi BioTechnology

Bowen Acquisition Corp, a blank check company incorporated in February 2023, reported a net income of $2.96 million for the fiscal year ending December 31, 2024. This figure represents a significant increase from the previous year's net income of $1.48 million. The company's financial performance was primarily driven by interest income earned on its Trust Account, which amounted to $3.68 million, offsetting operating costs and interest expenses. Bowen's operational activities have been limited to organizational tasks and preparations for its initial public offering (IPO), which was completed in July 2023, generating gross proceeds of $60 million.

The company has made notable strides since its inception, particularly with its IPO, where it sold 6 million units at $10 each. Following the IPO, Bowen also completed a private placement of 330,000 units, raising an additional $3.3 million. The underwriters exercised their over-allotment option, resulting in the sale of an additional 900,000 units, bringing total gross proceeds to $69.69 million, which has been placed in a Trust Account for future business combinations. As of December 31, 2024, Bowen reported cash and cash equivalents of $103,774, alongside a working capital deficit of $799,056.

Strategically, Bowen has entered into a Business Combination Agreement with Shenzhen Qianzhi BioTechnology Co. Ltd., aiming to merge with the company. This agreement is expected to enhance Bowen's operational capabilities and market presence, particularly in the personal hygiene and disinfection products sector. The merger is contingent upon various conditions, including regulatory approvals and shareholder consent. If successful, the combined entity will operate under the Qianzhi brand, which is anticipated to leverage Bowen's financial resources and Qianzhi's established market position.

Bowen's operational metrics indicate a focus on growth and expansion, with plans to utilize the funds from its Trust Account to complete the business combination and support the target company's operations. The company has also extended the timeline for completing its initial business combination to July 2025, following shareholder meetings that resulted in the redemption of over 6 million public shares. This extension reflects Bowen's commitment to finding a suitable business partner and ensuring a successful merger.

Looking ahead, Bowen Acquisition Corp remains optimistic about its future, although it acknowledges the inherent risks associated with the business combination and market conditions. The company is actively seeking to meet the remaining conditions for the merger with Qianzhi and is prepared to explore alternative business combinations if necessary. Management has indicated that it may require additional financing to support its operations and complete the merger, emphasizing the importance of strategic planning and execution in the coming months.